Dlaczego sprzedałem akcje Asseco South Eastern Europe?

The author sold their shares of Asseco South Eastern Europe (ASEE) after holding them for approximately two years, achieving a return of around 50%. The sale was prompted by a significant weakening of the initial investment thesis. The author's investment was based on the expected growth of the Payten payment solutions segment, driven by acquisitions and organic growth. However, Payten's revenue growth has been disappointing, and the company's expansion into India and the Middle East has likely been unsuccessful. Additionally, ASEE lost two major clients in Turkey, and the valuation of payment companies has been compressing. The author attributes the recent increase in ASEE's stock price to changes in the shareholding of Asseco Poland rather than the fundamentals of ASEE itself.